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Employee retention is a massive problem for employers right now something which is covered in Checkr’s new report on hiring challenges. With 77% of employers worldwide having issues filling vacancies within the company, retention is becoming more critical to avoid losing experienced staff and diving headfirst into the worldwide labor shortage.
According to the US Chamber of Commerce, in 2022, more than 50 million people quit their jobs, up from 47.8 million who also quit in 2021. So, if you don’t want to find yourself waving adios to your best workers, you need to address many aspects of your company right from the beginning.
Retention Starts At Hiring
You need to consider longevity from the moment you put out your ad for staff. You should be aiming to hire the top talent in your industry and then work out to retain them from the very beginning. With the average cost to hire an employee sitting around $5,000, you need to be upfront and clear from the very beginning to avoid wasting your time and money. Be honest about the remuneration they can expect for their efforts, the job role itself, policies, career prospects, and more. The more enticing your company is to a potential employee, the more likely it will be that they are planning to stay from the beginning. Effective onboarding that gives new hires the tools they need to succeed is vital. They need to not only know how to do the job role but also how to fit in with employee culture, your brand ethos, and anything they need to get started with your company.
Training and Development
You need to be offering ongoing training and development if you want to have a chance of retaining your best workers. The last thing you want is for them to stagnate in their job role and feel unfulfilled, resulting in moving on to pastures new. Make it a policy to hire up from within, and to do this, you need to arm your team with the skills they need to do their job, equip them with skills that can help them progress with their career to support your company and offer them a way to explore their capabilities. If employees know they are valued, their input is making a difference, and you as their employer really care about them, and what they want, they will be less likely to move on.
Recognition and Rewards
Everyone likes to be acknowledged for a job well done, and if anyone says otherwise, they’re lying. Remember, people leave people, not jobs, and if you aren’t treating your employees well or recognizing their hard work, they will move to an employer who does.
You need to constantly cheer people on, celebrate their wins, support them in improving their performance, and create a positive atmosphere that people don’t want to walk away from.
From employee perks, rewards, bonuses, improved medical coverage, and so on, you can show your appreciation to your employees in different ways; it doesn’t always matter how you do it, although most people would prefer bonuses or additional PTO if asked over pizza Friday’s, but the onus should always be on showing your appreciation for their hard work.
Retaining employees in a competitive job market is a skill not all employers have. But if you don’t want to lose your top people, you need to be mindful of how you treat your employees to ensure they are committed to you and are with you now and in the future.
